meranti-web3 / nyc-condo

Unique opportunity to buy a Manhattan condo @300W 135h St, 9F, 10030 NY, NY

NYC Condo

Unique opportunity to buy a Manhattan condo @300W 135h St, 9F, 10030 NY, NY.

This condo will be offered for sale as an NFT, which would be a first in Manhattan's history!

How to buy this property

1. Navigate to https://nyc-condo.co
2. Connect your wallet
3. Choose the Polygon zkEVM Network
4. Make sure you have enough Ethereum to bid during the auction -> If you want to bid $1M and the current ETH price is $2,000, you need 500 ETH.
5. When the auction starts, enter your bid. This will check if your ETH balance is high enough and lock the amount in the NFT.
6. At the end of the auction, the highest bidder wins the opportunity to buy the condo
7. We will get in touch with the highest bidder, do the propery KYC due diligence, and if all is clear, setup a meeting with our Real Estate Attorney to transfer the deeds.
8. When the deeds are transferred, the Real Estate Attorney will unlock the funds to the condo seller.
9. If the KYC fails or you wish to withdraw from the auction after placing the highest bid, a penalty of 10% will be applied as is standard in the NYC real estate market.
10. If the highest bidder fails to purchase the condo, the next highest bidder will have the opportunity to purchase the condo.

Why using an NFT?

The NFT is unique and represents the property's deeds. It's a secure program that runs on a blockchain and orchestrates a complex real world transaction:

1. It includes an english style auction mechanism with a floor price
2. It locks the funds in an escrow that only the real estate attorney can unlock, which secures the transaction and reassures the buyer and the seller
3. It allows for international buyers to enter the sale
4. It simplifies the interactions between banks, attorneys and brokers, while keepin them in the transaction for what they're each good at.
5. It keeps buyers anonymous from each other but the bids are completely transparent.
6. The NFT can be reused for future sales.

How secure is it?

The whole process is very secure and built to reassure all parties:

1. A buyer can withdraw from a bid at any time
2. The seller gets a compensation if a buyer fails to complete the transaction, as is customary in the real estate industry
3. A real estate attorney completes the transaction just like with any purchase
4. In any case, if something goes wrong, an escape hatch cancels the auction and returns the funds to the buyers, putting the property back on the market

Tech

If you're interested in the technical aspect of this projet, follow the TECH guide.

License

This is an Apache 2.0 open source license. You may reuse this under those terms.

This project was created by Meranti Sàrl, a Web3 consulting firm in France. https://meranti.fr.